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Highlighted
Level 2

QBI deduction

I got a QBI deduction last year, but it is not showing up for 2019. Not sure why.

1 Best answer

Accepted Solutions
Highlighted
Level 15

QBI deduction

Again ... look at the worksheet ... switch to the FORMS mode to look at everything.

 

This is my mini version of  a tutorial  that should be in the downloaded program: 

 

 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

                  

Related Information:

                             

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

  • >>>In the TurboTax CD/Download software by creating a test copy
  • 1.  Open your return in TurboTax. 
  • 2.  From the File menu, choose Save As. 
  • 3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
  • 4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
  •  https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

           

  • >>  use the WHAT IF tool: 
  • - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
  • - Click on the Open Form Icon 
  • - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
  • - You will see the worksheet on the right side of the screen; enter the information right into the form 
  • - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

 

 

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

  1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
  2. Browse to where you want to save your backup.
    • Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
  3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
  4. Click Save and then close TurboTax.
  5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

 

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

AND protect the files :

 

View solution in original post

8 Replies
Highlighted
Level 15

QBI deduction

Well the program has a worksheet for everything ... save a PDF with the worksheets and review the QBI calculations ... 

 

 

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

                                              

             

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

                    

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

Highlighted
Level 2

QBI deduction

Thanks for the detailed answer!
I should have mentioned I am using the desktop version of TT, and that  I have K-1 income from my S-Corp. In any case, TT seems to have concluded I am not eligible for the QBI deduction.  Is there some place where it tells me the reason for that determination?

Highlighted
Level 15

QBI deduction

Again ... look at the worksheet ... switch to the FORMS mode to look at everything.

 

This is my mini version of  a tutorial  that should be in the downloaded program: 

 

 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

                  

Related Information:

                             

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

  • >>>In the TurboTax CD/Download software by creating a test copy
  • 1.  Open your return in TurboTax. 
  • 2.  From the File menu, choose Save As. 
  • 3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
  • 4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
  •  https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

           

  • >>  use the WHAT IF tool: 
  • - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
  • - Click on the Open Form Icon 
  • - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
  • - You will see the worksheet on the right side of the screen; enter the information right into the form 
  • - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

 

 

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

  1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
  2. Browse to where you want to save your backup.
    • Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
  3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
  4. Click Save and then close TurboTax.
  5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

 

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

AND protect the files :

 

View solution in original post

Highlighted
Level 15

QBI deduction

TT seems to have concluded I am not eligible for the QBI deduction. Is there some place where it tells me the reason for that determination?

What kind of income does your S-Corp produce? Earned income? Or passive income?

On the K-1 earned income is in box 1. Passive income is in box 2, 3, and/or 6.

Might just be simpler to ask what boxes on your K-1 show any income/loss in them.

 

Highlighted
Level 2

QBI deduction

Only box 1 (Ordinary business income) has an amount in it.

 

So I switched to Forms and picked Form 8995. It has the corporation name but 0 in column (c) Qualified business income or (loss), and WILL NOT let me change it. 
Lines 11,12,13, and 14 have amounts in them. 0 in all other lines. I see the same thing in the QBI Ded Summary.


Highlighted
Level 2

QBI deduction

Can someone from #TurboTax answer this question?

Highlighted
Level 15

QBI deduction


@jt2018 wrote:

Can someone from #TurboTax answer this question?


If you don't get a resolution in this forum, here's how to speak to TurboTax Support by phone:

 

Hours are 5AM-9PM Pacific (8AM-12 Midnight Eastern) 7 days.

 

You can use this contact form to get an incident number and phone number:
https://support.turbotax.intuit.com/contact

Highlighted
Level 2

QBI deduction

Thanks for the tip, I was able to get help from TT. 

In case this helps someone else, TT asks that you check the boxes in your K-1 that have an amount in them. Well box 17 on my K-1 (created by TT Small Business) said  V* STMT, so I did not check it. Box 17 is what takes you into the QBI.  TT needs to update this page to say Check All The Boxes that have anything in them!

I was able to take the QBI deduction. This issue is now solved. Thanks